Feb 24 (Reuters) - Futures for Canada's main stock index
fell on Friday, in line with downbeat risk sentiment on Wall
Street, as investors remained cautious ahead of U.S. inflation
data that could offer clues on the Federal Reserve's rate-hike
trajectory.
March futures on the S&P/TSX index were down 0.4% at
7:16 a.m. ET.
The Toronto Stock Exchange's S&P/TSX composite index ended lower in the previous session.
The index was poised for its biggest weekly loss this year
and a third weekly drop, as a stock market rally at the start of
the year loses momentum with signs of economic resilience in
major global economies driving up speculation of more interest
rate hikes.
Wall Street futures were also down on Friday as investors
awaited the personal consumption expenditures (PCE) report for
January due at 8:30 a.m. ET, which could shed further clarity on
the state of price pressures in the world's largest economy. Also weighing on futures for the resource-heavy TSX was a
decline in gold prices as prospects of more interest rate
hikes by the Fed dimmed bullion's appeal.
Canadian Imperial Bank of Commerce reported a fall
in its first-quarter profit, weighed down by higher provisions
to settle a lawsuit tied to the 2008 global financial crisis.
Osisko Gold Royalties Ltd reported a profit beat in
its fourth quarter, while the precious metal royalty company
missed revenue estimate.
Oil and gas E&P company Enerplus Corporation missed
profit estimate for the fourth quarter, but earnings increased
year-on-year.
COMMODITIES AT 7:16 a.m. ET
Gold futures : $1,818.5; -1.0% US crude : $75.84; +0.60% Brent crude : $82.75; +0.66% (Reporting by Shristi Achar A in Bengaluru; Editing by Sherry
Jacob-Phillips)
